Warren Buffett and Steve Cohen warned consumers would be footing the bill for Trump's trade war, and business bosses have now confirmed they plan to pass on at least half of their rising costs.

Farmers and meat producers across the U.S. can expect the new tariffs on Mexico, Canada and China and the retaliation to hurt their bottom lines by billions of dollars if they stay in place a while

Countless economists, business owners, consumers and foreign officials kept hoping that President Donald Trump wouldn't follow through with steep new tariffs, but on Tuesday, March 4, those tariffs went into effect — including 25 percent tariffs on all goods imported into the United States from Canada and Mexico.